The Folk Theorems of game theory prove that no protocol, however complex or well engineered, can eliminate corruption, understood as behavior that profits a minority at the greater expense of the majority.
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Finally, we repeat the idea that the Folk Theorems of game theory prove that it is impossible to create protocols, no matter how complex or well- engineered, which can eliminate corruption
From
Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Stable Cryptocurrencies - First Order Principles (2019), 3.4.4 Transcendental Values, p. 28 https://ssrn.com/abstract=3402701 · source PDF
Cite as
Craig Calcaterra, Wulf A. Kaal, Vadhindran K. Rao, Stable Cryptocurrencies - First Order Principles (2019). SSRN: https://ssrn.com/abstract=3402701
restated_bykaal:claim:3782193-011 No set of written rules can be made complete: the Folk Theorems demonstrate that however rules are written, st...
extended_bykaal:claim:3782210-022 Because eternally perfect protocols are impossible, as illustrated by Arrow's Impossibility Theorem and the Fo...
restated_bykaal:claim:3406323-040 For any static set of rules in an infinitely repeated game using reputation stakes there is a way to subvert t...
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